First save (A complete review)
In this brief blog, we are going to discuss First save and how First save may be able to help you earn more from your savings.
First save is a UK savings account which allows you to put your money away in a variety of saving accounts. First save claims to have competitive interest rates which will allow you to earn attractive interest.
You can manage your First save account online through the First save website.
First save also allows you to put your money in bonds as a way of investing. The First save brand is provided through FBN bank which has been trading since sometime around January 2002. FBN bank is regulated by the financial conduct authority and the prudential regulation authority in the UK.
The First save accounts are under the financial services compensation scheme and this means you may be able to claim compensation up to £85,000 per account if the bank goes out of business or if you were mis-sold a financial product. If you have a joint First save account then you and your co- account holder will be able to claim up to £170,000.
On their website First save list their commitment to you like the below
“ Our commitment to you
We offer secure, high-quality financial products, backed up by reliable, efficient customer service. Above all, we want you to feel comfortable and confident about the accounts you’ve invested in.
Our interest rates are competitive, reflecting the market at the time of issue. We always keep them up to date, so you don’t need to spend time shopping around for a better deal.
Consistently good returns
We don’t believe in offering a high-interest rate, then reducing it as soon as you’ve agreed to invest with us. With a First save Easy Access Account, you’ll get a consistently favourable rate of return, with easy access to your money whenever you need it.
We set ourselves high standards and invest substantially in our people to bring you attentive, professional service. We follow set procedures to ensure we always maintain the standards expected from a financial institution. “
How can you save with First save?
With First save you can save through any or all of its 3 saving accounts.
The accounts are:
To apply for a First save account you will need the below:
“The account number and sort code of the bank account you’ll be using to transfer money to and from your First save account
Your current UK passport or
UK driving licence
Your national insurance number
Your mother’s maiden name
Memorable data for security”
In essence, you will also need to be aged at least 18, be a UK resident, have an email address (preferably nota work email address) and have a UK bank account. First save currently doesn’t accept power of attorney applications.
In some cases after you have applied for a first sav account first save may contact you to get further identification documents
The easy access account
The first save easy account offers you a variable rate but allows you to withdraw money or deposit more funds to the account. You have to make a minimum initial deposit of £100 if you want your interest to be paid annually and a minimum initial deposit of £5000 if you want your interest to be paid monthly. You can manage your easy access account online at any time.
The notice account
The notice account provided by first save usually offers more interest than the easy access account. With this account, you will need to provide a minimum notice period before you can withdraw your funds from the account. You have to make a minimum initial deposit of £100 if you want your interest to be paid annually and a minimum initial deposit of £5000 if you want your interest to be paid monthly. The notice account can be conveniently managed online.
The fixed-rate bond account
The fixed-rate bond account provided by First save is a good account for those who do not require immediate access to their money and are comfortable investing for the medium to long term. With the fixed-rate bond account, you can invest from 6 months to seven years.
You can open the fixed-rate bond account if you are an existing customer or new customer. (This is the same with the easy access and notice accounts listed above)
You have to make a minimum initial deposit of £100 if you want your interest to be paid annually and a minimum initial deposit of £5000 if you want your interest to be paid monthly.
There are some charges associated with the first save accounts which you can find here.
Complaints about First save
Because the First save account is provided by FBN bank who are regulated by the FCA you may be able to bring up any complaints to the financial ombudsman if First save is not able to help you resolve your issue. The financial ombudsman will look to adjudicate on the issue and make a decision. This may be compensation and in your favour or the decision may not be in your favour. In any case, taking a complaint to the financial ombudsman is completely free.
If you have a complaint against First save you should first bring the complaint to First save and they will have 8 weeks to resolve your issue. Once the 8 weeks are up First save should have provided you with a final decision or resolution your complaint. If you are still not happy with First save’s decision then you can bring your complaint to the financial ombudsman at this point.
You can contact the financial ombudsman via the below.
The Financial Ombudsman Service
Harbour Exchange Square
London E14 9SR
Telephone: 0800 023 4567 or 0300 123 9123
How to contact First save
You can contact First save via the following methods
0345 601 2211 (The phone lines are open every Monday to Friday from 8am to 6pm)
Freepost RTLL – RGSU – SRRR,
P.O. Box 1195,
Newcastle Upon Tyne,
In this brief guide, we discussed First save. Please let us know if you have any questions or comments.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.